Nepal Insurance Authority take action against 10 insurance companies

Feb Wed 2023 04:59:07

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Nepal Insurance Authority  take action against 10 insurance companies

Kathmandu. Nepal Insurance Authority has taken action against 10 insurance companies for not providing details on time. According to the authority, it has been warned for the first time for not providing quarterly details in accordance with the guidelines related to prevention of financial investment in money laundering and terrorist activities 2075. If the companies do this repeatedly, the authority can stop issuing insurance policies. After that, there is a provision of fine if you do not comply.

The authority has alerted Gurans Life, United Insurance, Sagarmatha Insurance Company, Reliable Nepal Life Insurance Company, Siddharth Insurance Company, Sanima Life Insurance Company, Lumbini General Insurance Company, Prudential Insurance Company, Himalayan Reinsurance Company and National Insurance Company for the first time.

In section 19 of the directive, there are provisions related to reports and audits. The quarterly report of the works carried out by the insured in accordance with this instruction shall be sent to the committee in the format of Schedule 4 within seven days of the expiry of the said period. According to sub-section 2, the Insurer shall make arrangements for the assessment, audit and other audits of the work carried out in accordance with the prevailing laws related to asset laundering and control of financial investment in terrorist activities.

According to sub-section one of section 19, the authority has to take action even within seven days after the expiry of the period given to the insurance companies. Some companies have not been able to submit the details even for 34 days. Insurance companies have to provide 17 notices in schedule four.